Buying distressed assets - picking the winner-Many will be tempted to snap up a bargain as distressed sellers hit the market, but as Nikki Robinson and Sheridan Joel explain, sorting out the bargains from the bad buys requires considering a range of issues.

Carbon Pollution Reduction Scheme - Impact on energy and resources sector-Martin Aylward and Prue Harvey look at the long-awaited Carbon Pollution Reduction Scheme White Paper and discover that, although kinder to industry than the Green Paper, the proposed reductions and corresponding emissions trading scheme will still present considerable challenges to the energy and resources industry.

Climate Change and the Australian Tourism Industry-The joke goes that climate change will do wonders for Australian real estate values, because more homes will have a water view, but as TTF Executive Director Olivia Wirth explains, it’s no joke that some of Australia’s iconic tourism destinations will suffer irreparable damage.

Development applications a TPA-free zone, says NSW Supreme Court-Development applications in NSW cannot be challenged on the grounds that they contain misleading and deceptive statements in breach of the Trade Practices Act (Cth) 1974, nor do developers owe purchasers or developers of adjoining land a duty of care to avoid economic loss caused by inaccurate statements in development applications

Did you know? Amending contracts - tips to avoid common mistakes-Agreements often need to be varied as parties' circumstances change or their relationship develops, but there is no universal process for varying a contract that works for all occasions. Ben Cansdale sets out some simple tips to ensure your variations are implemented correctly and are enforceable.

Fine for manager guilty of environmental offences a warning to all-A recent prosecution in NSW suggests that environmental enforcement agencies are becoming more willing to prosecute senior employees, not just their organisations. The decision in Garrett v Freeman (No. 5) [2009] NSWLEC 1, the first time a senior council employee has been prosecuted for actions undertaken as part of his job, should be a warning to everyone

Greenhouse Gas Storage Bill 2008 (Qld) -The Queensland parliament has finally released the Greenhouse Gas Storage Bill. Martin Aylward and Prue Harvey explore the tenement framework it sets up and consider what this may mean for current mining and petroleum tenement holders.

One insured + one loss + two insurers = section 45 Insurance Contracts Act-A party in a contract might be required to indemnify the other party. While this seems straightforward, it can lead to double insurance and some complex problems. The WA Court of Appeal's decision in Speno Rail Maintenance Australia Pty Ltd v Metals & Minerals Insurance Pte Ltd [2009] WASCA 31 (6 February 2009) gives some guidance about how these complex arrangements work, and the operation of section 45 of the Insurance Contracts Act

Recent Mineral Resources Act amendments-Amendments to the Mineral Resources Act introduced the application of a public interest test for mining tenements and a requirement that the holders of mining leases offer unwanted incidental CSG to the holders of overlapping petroleum leases, as James Minchinton and Prue Harvey explain.

Rising sea levels - a sea change for the courts and decision-makers-Water views might be a drawcard to tourists, but they are also vulnerable to the effects of climate change. Claire Smith, Darren Bick and Melissa Leon explain the recent legal developments and their potential implications for owners and developers of coastal property.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.